Uk   Legal F&A 4

Legal Finance & Accounting Market Insights Q4 2017

Published on 20th October 2017

Following on from a busy year at the senior end of the market, we are now seeing an increase in junior to mid-level finance roles, which are a mixture of newly created and replacement positions.
 

Skills in Demand

In Q3, we found even more of a demand for e-billing specialists in the market, ranging from newly created e-billing roles to adding to an already established e-billing team. We have seen more Billing and Revenue Control positions which would indicate a busy period for law firms in London. Additionally, 1-2 years Legal Cashiering experience is also sought after.
There has been a large volume of recruitment within Financial and Management Accounting roles at the qualified level between £50,000 - £65,000, however there is a real lack of candidates within Legal Finance with this experience. Previous law firm experience is usually requested at this level but firms are having to be more flexible in considering candidates from wider professional services. 
We have also seen an increase in regional opportunities, typically in locations such Birmingham, Bristol & Manchester as firms continue to look at alternative locations to London. This has created further and more senior opportunities for those individuals in the regions but also to those individuals in London that may have previously felt London was the only viable option to establish their professional services Finance & Accounting careers. 
 

Predictions for the Coming Quarter 


In the last quarter, we have seen a rise in newly qualified Financial and Management Accountants and we predict that we will continue to see this in Q4. We will probably therefore see more candidates from other professional services firms making the successful transition into the legal sector. 
With it being some firm’s financial year ends in December, often these are cash based firms, we see that they often require temporary Credit Controllers/Billers in this busy period to help collect as much outstanding debt as possible. 
We expect to continue to see a rise in the need for e-billers, as we have seen for the year so far. As well as this, we also expect to see that systems specialists will continue to be in demand (in particular Elite 3E users) due to systems updates and conversions in the sector. 

Mergers & Acquisitions

The merger between Chadbourne & Parke and Norton Rose Fulbright went live in Q3. We expect to see more M&A activity over the next 12 months.
 

Advice for Employers

Counter offers – these are happening more often than not, with firms not wanting to lose good staff and then go through the recruitment process. Ways to help avoid this affecting your offer:

  • Move quickly – prove your interest in the candidate.
  • Sell in the role – what can they gain from the role, how can they improve their skill set and how can they progress.
  • Sell in the firm – be open when talking about the culture of the team and the firm. 
  • Benefits – show off your benefits as this may be important to your potential new employee.
     

Advice for Jobseekers


Counter offers are rife in a candidate short market and it is easy to be flattered by these, but take the time to remember why you were looking for a new role in the first place. 
Don’t use a generic CV - ensure that you spend the time tailoring your CV according to each role you are applying for, especially if you have a varied skill set.
In this busy market (at mid-level) it may be common to be involved in more than one process at a time resulting in more than one offer. Make sure you find out all of the information you need throughout the interview processes to help make the right decision for you.

 

Legal Finance & Accounting Salaries Q4 2017

Job title Annual salary range (£) Contract rate (£)
Accounts Payable
Accounts Payable Supervisor 35K - 50K 21 - 30 an hour
Accounts Payable (2 years+) 25K - 32K 15 - 20 an hour
Accounts Payable (up to 2 years) 20K - 25K 12 - 15 an hour
Billing
Billings Manager 45K - 60K 28 - 37 an hour
Senior Legal Biller 38K - 45K 23 - 28 an hour
Legal Biller (2 years+) 28K - 37K 17 - 22 an hour
Legal Biller (up to 2 years) 25K - 32K 15 - 19 an hour
eBilling
Senior eBilling Coordinator 35K - 45K 21 - 27 an hour
eBilling Coordinator 30K - 35K 18 - 21 an hour
Revenue
Revenue Manager 40K - 80K 25 - 50 an hour
Revenue Controller 35K - 40K 21 - 24 an hour
Revenue Assistant 25K - 34K 15 - 21 an hour
Credit Control
Credit Manager 45K - 70K 28 - 40 an hour
Credit Controller (2 years+) 30K - 42K 18 - 26 an hour
Credit Controller (up to 2 years) 25K - 28K 15 - 17 an hour
Cashiering
Head Cashier 45K - 65K 28 - 40 an hour
Senior Legal Cashier 35K - 45K 21 - 28 an hour
Legal Cashier (2 years+) 30K - 35K 18 - 23 an hour
Legal Cashier (up to 2 years) 25K - 32K 15 - 18 an hour
Financial/Management Accounting
Finance Director 140K - 250K 1000 - 2000 per day
Financial Controller  90K - 150K 600 - 1000 per day
Fully Qualified Accountant (5 years PQE) 70K+ 300 - 400 per day 
Fully Qualified Accountant (3-4 years PQE) 65K - 75K 280 - 400 per day 
Fully Qualified Accountant (1-2 years PQE) 50K - 65K 230 - 280 per day 
Newly Qualified Accountant 45K - 55K 200 - 250 per day 
Part Qualified Accountant 25K - 45K 15 - 21 an hour
Finance Systems Analyst 50K - 65K 350 - 600 per day 
Finance Systems Manager 70K - 90K 400 - 600 per day
Accounts Manager 55K - 80K 30 - 50 an hour
Commercial
Business Manager 90K - 150K 600 - 800 per day
Pricing Manager 70K - 90K 400 - 600 per day
Commercial/Pricing Analyst (qualified) 55K - 70K 300 - 400 per day
Commercial/Pricing Analyst (non-qualified) 45K - 55K 200 - 250 per day

 

* Notes on salary table

1. Titles and levels vary from organisation to organisation.
2. The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
3. 12-month base salaries are assumed.
4. All other benefits and bonuses are in addition to these figures.
5. Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances.